Peso falls to fresh 11-year low

ABS-CBN News

MANILA - The Philippine peso weakened to a fresh 11-year low on Thursday, losing more than 12 centavos and closing at P51.53 against the US dollar.

This was the local currency's weakest close since August 24, 2006, when it fell to P51.60 against the dollar.

Bangko Sentral ng Pilipinas Governor Nestor Espenilla said last month the peso's weakness was in line with economic fundamentals and would support growth by encouraging more investment in infrastructure.

Analysts have said that the peso may hit the P52 to P53 level next year as the government’s infrastructure program drives imports.